Posted: July 26, 2014
You can listen to economists. You can listen to Tom Udall. You can listen to politicians.
We choose to listen to the Congressional Budget Office that often have unusually rosy figures in their reports. That is why their recent report makes us worry.
How does the CBO feel about the U.S. economic outlook in 2014? Pessimistic. The CBO expects the economy to remain moribund and for unemployment to remain near 8%. It gets better. It also projects that both actual and potential GDP will eke out 2.25% gains between 2019 and 2023. (Source: The Budget and Economic Outlook – Fiscal years 2013-2023 – Congressional Budget Office Website, Feb. 2013.)
In other articles we are seeing forecasts of growth slashed by the IMF on both the U.S. and world economies. The housing market is slowed and inflation is already moving into your local grocery. Business is investing less money on new equipment and buildings and exports of American goods are lagging.
So, when someone says the economy is looking good, ask them why?
The stock market doesn’t mean anything. It is not an employer and rich people use it to get richer aided by Congress and the Federal Reserve.
The price of gas doesn’t count. It is high as always.
Unemployment numbers don’t figure in. The huge number of people dropping out of the work force and not looking for work are at an all time high.
Government numbers on unemployment don’t count. Look around at the homeless sitting in McDonalds and asking for money on corners. Many of them had good jobs that have been outsourced or eliminated by technology.
If you like things the way they are, and the way they will be, you will probably vote for the incumbent in Congress.
If you don’t like things the way they are, you best consider voting for change.
Full article here >>>.